Sending and receiving BCH requires a wallet. A Bitcoin Cash wallet will provide you with the ability to access your funds and sign transactions with a combination of both your private and public keys. Choosing the right wallet will depend on a number of factors, including your crypto experience and how much you expect to invest.
Each BCH wallet type has its own pros and cons. You need to choose the one that suits you best. If you are a first-time user and looking to buy or store a relatively small amount of BCH, then a mobile or web wallet will give you a good mix between safety and user friendliness. A more experienced user may choose a hardware wallet.
The Uphold Bitcoin Cash wallet is not only a convenient and safe way to store your BCH but also allows you to seamlessly trade between cryptocurrencies, local currencies, and metals. The Uphold wallet is available on iOS, Android, and web.
Let’s look at other kinds of Bitcoin Cash wallets, including mobile, desktop, hardware and paper.
Paper Bitcoin Cash Wallet
Paper wallets, while simple, can be a little complicated to set up. They offer extremely good security, as your BCH funds will be held in what is known as cold storage. However, they require both public and private keys to be printed on a sheet of paper, similar to paper money or cash, that you would need to keep safe at all times.
Hardware Bitcoin Cash Wallet
These cold-storage wallets are dedicated USB devices designed to send and store cryptocurrencies offline, which makes malicious attacks almost impossible. It is important to remember that hardware wallets can be expensive for casual investors. However, they provide the best combination of security and usability, and are usually regarded as the top choice among long-term investors.
Web Bitcoin Cash Wallet
Most beginners may find web wallets a perfect choice, as they don’t require any software installation. While only an internet browser is needed, they require private keys to be stored on an online server, controlled by a third party. Potential exposure to hackers and third parties is the definition of a hot wallet.
Mobile Bitcoin Cash Wallet
Another good option for casual users are mobile applications, widely available in all operating systems. Managing a mobile wallet is certainly user friendly and while it may not be the most safest, they are a good choice for users looking to buy and store small amounts of BCH.
Desktop Bitcoin Cash Wallet
Similar to mobile wallets, desktop wallets are programs that run on your desktop or laptop computer operating system. They provide decent security, suitable to store small to medium amounts of crypto. However, they are still hot wallets, as your computer is constantly connected to the internet, creating a permanent attack vector.
Using the Uphold BCH wallet will provide you with a safe, convenient, alternative way to store your funds. Uphold takes security extremely seriously, incorporating the highest industry standards to protect your funds at all times. A 24/7 customer support team is available to help you. We hold your keys so you don’t have to worry about custody. Around 90% of our crypto is held in cold storage.
Your Uphold BCH wallet can also be used to make payments to vendors, send money to friends, and instantly convert your Bitcoin Cash into local currencies and other cryptocurrencies. It’s a safe and secure way to use and transfer funds.